In the US, Target has said that it is aiming to grow its annual sales to US$100bn by the year 2017, through growth both domestically, internationally and online.
At a meeting in New York, CEO Greg Steinhafel told investors that the grocery retailer believed the current economic revival would continue 'slowly and unevenly' with modest consumer spending, Planet Retail reported.
'Against that backdrop, we'll work to gain greater loyalty and wallet share from our guests, particularly as they increase their shopping frequency in response to our remodels and 5 per cent Rewards Program,' Steinhafel said. 'We have the desire, capital and team that would allow us to grow more quickly but our baseline economic assumptions are not expected to create the breadth of new store opportunities we enjoyed in the boom years.'
Steinhafel highlighted that Target has identified “hundreds” of potential trade areas for its new CityTarget format which is debuting in four markets next year, with the group's Canadian segment set to come online in 2013.
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